Banner Life Insurance
Banner Life Insurance sells life insurance products through 12 marketing groups made up of independent brokers across the country. The company offers a variety of term and universal life insurance policies. Our Banner Life Insurance review finds that despite the company’s financial strength, its customer service experience is lacking. Scroll down for reader reviews and company overview.
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UPDATED: Dec 24, 2020
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$587 billion of life insurance in force$5.7 billion in assets
- William Penn Life Insurance Company of New York
Company History: Banner Life was chartered in 1949 under the name Government Employees Life Insurance Co. (GELICO) as part of the Government Employees Group. GELICO was rated A+ (superior) for the first time in 1976 and was acquired as a subsidiary by Legal & General Group PLC in 1981. In 1983, the company changed its name to Banner Life. Then, in 1989, the company acquired William Penn Insurance of New York and in 2010 Banner Life ranked 12th among all US companies that issued new life coverage that year. Now Banner has an investment portfolio that is 94% investment grade assets; Mortgage Backed Securities holdings, of which 98% are rated A or better at 87% are rated AAA; Commercial Mortgage Backed Securities holdings of which 86% are rated A or above and 76% are rated AAA; and Asset Backed Securities holdings that are diversified and of which 86% are rated AAA.
Principle Sales Methods: Today Banner sells individual life insurance products through 12 marketing groups. These groups have 300 member agencies and 60 other general independent brokerage agencies. Banner employees around 70,000 brokers.
Life Annuity Business: Banner offers a variety of Term Life and Universal life policies.